Olathe man ordered to pay restitution following violation of securities law
OLATHE, Kan. (WIBW) - An Olathe man has been found guilty of violating a securities law and ordered to pay almost $82,000 in restitution.
Attorney General Derek Schmidt says an Olathe man has been found guilty and sentenced for a violation of the Kansas Uniform Securities Act.
According to Schmidt, Michael Davin, 64, was sentenced on Monday by Johnson County District Court Judge Michael Joyce and ordered to repay $81,296.92 in restitution to a former client on one count of securities fraud. He said Davin was also sentenced to 48 months of supervised probation for the incident.
Schmidt said Davin entered a no-contest plea on the charge in December of 2020 and was found guilty by the court. He said the sentencing took place with all parties and witnesses appearing via teleconference.
According to Schmidt, Davin was convicted for violating the securities act for failure to provide necessary information to an investor by failing to disclose that he had prior felony convictions, including two for theft. He said the securities case was initially filed in October of 2018.
Schmidt said the case was investigated by the Office of the Kansas Securities Commissioner and prosecuted by Assistant Attorney General Stacy Edwards of his office.
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